Overview:
Recently, EUR/NZD has been moving downwards. EUR/NZD is in a bearish corrective phase. The price has tested the level of 1.6788 in a volume above the average. In the daily time frame, the price is still above all key MA`s 50SMA,100SMA,150SMA,200SMA. In the H1 time frame, I found that the price has broken the supply trend line and is moving above SMA100, SMA150 and SMA200. A short-term trend is still upward. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. Resistance level is seen at 1.7130.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.7070
R2: 1.7170
R3: 1.7330
Support levels:
S1: 1.6750
S2: 1.6650
S3: 1.6495
Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for January 18, 2016 . Thanks for your support.
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